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Performance

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Snapshot

For those value-oriented investors who enjoy long-term capital appreciation with the relatively lower risk of large, dividend-paying stocks, this Fund may be ideal for you. Our knowledgeable investment team pursues high total returns by buying stocks when they are out-of-favor and undervalued, and then selling them when they have returned to favor and achieved their full value. The Fund takes a traditional, disciplined approach to value investing - uncovering financially strong, high-yielding stocks that are attractively priced and have the potential for future appreciation.

Fund Objective

Capital Appreciation

Fund Strategy

Focus on valuation and dividend yield, which is designed to contribute positively to total return and provide a cushion against market volatility.

Select stocks based on valuation levels, financial strength and earnings growth potential, identifying a catalyst for potential appreciation, such as a new product line or corporate restructuring.

If you are a value-oriented investor seeking long-term capital appreciation with the relatively lower risks of large, dividend-paying stocks, this Fund may be ideal for you. With its emphasis on relatively low-priced, high-yielding stocks, it can work in tandem with a growth-oriented fund to create a well-balanced, diversified stock portfolio.

Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here.

The Advisor has agreed to reimburse certain expenses of the Fund (excluding acquired fund fees and expenses; a portion of the compensation paid to each Trustee who is not an officer, director or employee of Northern Trust Corporation or its subsidiaries; expenses related to third-party consultants engaged by the Board of Trustees of the Trust; membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; extraordinary expenses; and interest, if any) to the extent the "Total Annual Fund Operating Expenses" exceed 0.85%. The contractual limitation may not be terminated before July 31, 2015 without the approval of the Board of Trustees. In the absence of fee waivers, yield, total return, growth since inception and dividends would have been reduced. Total return is based on net change in NAV assuming reinvestment of distributions.

Annual Expense Ratios

Gross Expense Ratio

Net Expense Ratio‡

Large Cap Value

1.05%

0.86%

‡Includes contractual expense reimbursements that, if not extended, will end on July 31, 2015.

Equity Risk: Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed-income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.

Value Risk: Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value.

Russell 1000® Value Index is an unmanaged index measuring the performance of those companies included in the Russell 1000 Index having lower price-to-book ratios and forecasted growth values. It is not possible to invest directly in an index.

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Mark C. Sodergren, CFA®

Mark C. Sodergren, Senior Vice President of Northern Trust, is head of the quantitative active team responsible for research and implementation of several quantitative equity strategies. He currently manages the Northern Large Cap Core Fund and Northern Large Cap Value Fund.

Before joining Northern Trust in 2007, Mr. Sodergren was a portfolio manager at Barclays Global Investors focused on active U.S. large cap strategies. Prior to this, he spent six years at Citigroup Asset Management as a portfolio manager and researcher focused on both active international and domestic portfolios.

Mr. Sodergren received a B.A. in quantitative economics and decision sciences from the University of California, San Diego and an MBA from the University of Chicago. He is an active CFA® charterholder.

Please carefully read the prospectus and summary prospectus and consider the investment objectives, risks, charges and expenses of Northern Funds before investing. Call 800-595-9111 to obtain a prospectus and summary prospectus, which contains this and other information about the funds.